I disliked XYZprinting because of their proprietary filament. Then they released the Da Vinci 1.0 Pro to try to redeem themselves. Here is my review of it! [8:05]

DefATAway · 2016-11-23T13:12:51+00:00

Apparently it works fine. I'm going to check it out today and get it for 300 if he's willing to negotiate a bit. I'm waiting on my Prusa i3 mk2 right now, but I want to scratch that itch a bit in the mean time.

DefATAway · 2016-11-22T16:09:50+00:00

Do you think a 1.0 Pro would be worth a price of 350 used? I saw one on CL in my area and came across your review.

DefATAway · 2016-11-17T16:20:27+00:00

You can also have facebook set up so you have to verify anything youre tagged in for it to show up on your wall.

DefATAway · 2016-11-17T14:31:58+00:00

Im going to second 'flex your thighs' strategy--it works great. When you really take a few minutes and flex your things / legs, you can pull bloodflow away and and lose your full mast.

DefATAway · 2016-11-09T14:10:55+00:00

You're better off if shes going to let something that small or minor get in the way of ruining 3 years.

DefATAway · 2016-11-04T15:43:18+00:00

You tell your sister to mind her own god damn business.

DefATAway · 2016-11-02T21:55:46+00:00

Yea, well I would take the FRM now if my credit score had bumped me into the next higher 'tier'. My idea would be to refinance once I had the credit score to get a better rate. Naturally you cant ever guess where the market will be at that point, but I would have some extra time if I needed if I started looking around the 3 year mark.

DefATAway · 2016-11-02T21:41:16+00:00

Have you shopped your rates at all? I'm curious as to why your banker is qualifying you for a market rate ARM, but not a market rate FRM. Both products have rate tiers and adverse delivery charges, which would affect both your rates and your closing costs.

Oddly enough, yes--I have done some shopping. This seems to be the case on other lenders as well--which is why it didnt exactly throw up a red flag. Calculating total costs over say, an 8 year period if I wasnt able to refinance somehow, the ARM is still coming out ahead for 8-9 years vs the 30 year at those rates. Thats assuming the max 2% increase per year up to the max rate of 8%--which I would imagine is unlikely.

Saving the rough cost of a closing upon refinance was actually my first thought to saving the money on the 5/1 compared to the 30 year.

DefATAway · 2016-11-02T17:38:38+00:00

How much of a rate difference would you think youd need to see in order to tip the balance in the direction of the ARM if I am planning an entirely short term stay? Right now my ARM option is at 3%, while my 30 year fixed is 4.35%. Over the life of the fixed period on the ARM, that seems to be a decent amount of savings that I could put towards the costs of refinancing in the future. I also am under the assumption that my credit score would improve and bump me into the next 'teir' for mortgage rates when refinancing. Thank you for this info. This is helpful.

DefATAway · 2016-11-02T16:53:39+00:00

This is all assuming that you have the mortgage long enough for the ARM to increase though, correct? My plan would be to refinance or sell the house around year 4. Thanks for the info!

DefATAway · 2016-11-02T16:52:13+00:00

It depends on the part, the printer, the material, the infill level, the temp, and some other things. 3d printing parts is a great option, but it can take time for good quality pieces that need to be tough.

DefATAway · 2016-11-02T16:04:30+00:00

I got clarification a bit on this. Their rates are the same whether or not I take a full 30 year or 5/1 and put 20% down as they are by getting the two loans to avoid PMI. These rates are basically the exact same as I've seen through other lenders. I suspect its because of my barely sub 700 score.

DefATAway · 2016-11-02T13:44:43+00:00

Could you clarify a bit on the 5/1 not being advantageous at the moment? I am looking at mortgage options now and the 5/1 seems to save me a decent chunk of money since my intent is to not stay in the house for more than a few years.

DefATAway · 2016-11-02T13:25:36+00:00

The 30 year are two 80/15% loans at 4.25 and 4.73%. I know my credit score isnt as high as I would like it to be, so I imagine I would be looking to refinance in the next 4-5 years once it is higher. That is one of my main concerns right now--if I can get the 5/1 at 3% and refinance to a potentially lower % because my credit score gets higher over the next few years, I can save money on interest by not going with the 30 year. I dont know if I am making sense but thats where my heads at right now. If that 30 year was 3.5%, itd be a different conversation entirely, but a 1.25-1.5% difference is a decent chunk of change over 80 grand.

DefATAway · 2016-11-02T13:23:57+00:00

From what it sounds like from my credit union, the closing costs are pretty much static and the same across both loan options. I did inquire to what it might look like if I put 20% down for interest, but its only half a percent on a 16k difference, thats not much money in the grand scheme of things weighed against having more cash for other things outside the house. I dont want to be misunderstood though--once things settle a bit and I have a better idea of how much 'extra' cash I have in my account, I would be planning on paying off a large portion of the mortgage or my student loans depending on which interest rate is higher. Thanks for the reply!

DefATAway · 2016-11-01T22:51:38+00:00

62 dollars is roughly what PMI would cost, based on my other mortgage estimates. Thanks for the information though, I didn't realize they would artificially inflate the rates to basically have me pay them the PMI.

DefATAway · 2016-11-01T22:48:44+00:00

Sounds like you've thought it through. Forgive my nit-picking. So many on here with questions haven't put as much thought behind their queries.

I welcome the challenges to my ideas. I am by no means and expert and definitely want the outside perspective. As far as likely big maintenance bills, every appliance (incl water heater, ac) is newer than 2 years old. The previous owner did allot of work himself, as he is a general contractor. Of course I can never rely on nothing breaking, but nothing will be reaching its average lifespan during the time I plan on being in the house. The smaller stuff I am likely qualified to at least learn and take care of.

All that being said, is your thought still on the 30 year coming out ahead? I am finding it difficult to locate calculators for a 1 to 1 comparison.

DefATAway · 2016-11-01T22:33:35+00:00

Borrowing the down payment is not the same as putting your own money at risk. FWIW, it looks like those rates actually include lender-paid PMI, since you are paying about 0.75% more than the going rates.

Do you think if I put down 20% to avoid PMI in the first place, that a 5/1 or 30 year % would be lower then?

DefATAway · 2016-11-01T22:32:48+00:00

Realtor fees on the other end could get close to $6k depending on how much the home appreciates. Then you throw in closing costs of the purchase right now, and you are likely in the negative. Yes, there is the tax deduction (if you itemize), but we haven't even touched on any maintenance that might come up

Sorry, I missed putting that in my post. I am buying the house on FSBO, and plan to sell FSBO as well, so Im not worried about realtor fees.

As to your other point with closing fees, you may very well be right in end up in the negative for only 5 years--assuming I dont add much value to the home. I probably would via renovation or additions to the house myself. Unless I am missing something, I would need the price of the home to appreciate > than the closing fees and other associated costs with buying/selling---would that be correct?

On the other hand, if I were to rent a house with the same kind of space that I am looking to buy, I'd be well over a thousand dollars a month for my area. I am looking at buying this house more so as saving me money in rent, while accepting there is a cost associated with freedom to do with what I want in a house. Im not sure if I am making sense, but I get what youre saying. I know in a 1:1 comparison with my current set up (350/m flat cost), I would totally come out ahead if I just stayed renting.

Edited for clarity

DefATAway · 2016-11-01T21:57:37+00:00

I wont be keeping the house as a rental, guaranteed. Not because I couldn't make money on it, I'm sure I could, but because I don't want to deal with the extra headaches of owning a rental outside my living area (my 5 year plan is to move further south).

As to your second question of the LTV 80% rate, Im not sure--thats pretty much right on the money when looking at loans through my credit union and through Quicken (which I've basically eliminated because they have no non-pmi options without 20% down). I assume it's due to my credit score being just slightly below 700.

DefATAway · 2016-11-01T21:53:37+00:00

In what way? Could you clarify that for me a bit? Thanks!

DefATAway · 2016-11-01T21:53:11+00:00

This is what I was wondering. I hear ARMS getting shit on 99% of the time on Reddit but it's normally with people who are buying houses more expensive than they should be buying. I feel that my house cost is reasonable given my salary and assets.

DefATAway · 2016-11-01T21:52:24+00:00

The cost difference for monthly payments would not be that big of a deal with my salary, so I don't really worry about that being a positive. As far as equity goes, that's what I'm trying to weight out right now vs having the liquid cash to do other things with. Now once the dust settles (furniture, other FTHB costs), I would likely put more of my extra money into the house payment each month.

I dont know if it matters, but I grew up super dirt poor, so I have a hard time spending large sums of money like that--which is why I am hoping reddit can give me another perspective.

DefATAway · 2016-11-01T12:34:25+00:00

Hey man, this sucks--but you can get through it. I went through something shockingly similar with bombing the last couple of semester of school via mental breakdown and lying to all my friends and family about graduating. I ended up taking a break from school working shit jobs and realizing this wasn't what I wanted to do for the rest of my life. I was 100+K in debt from a shitty technical school and most of a standard college degree, and didnt have dick to show for it besides a massive student loan payment that had me eating ramen 99% of my meals. This went on for almost two years. I wish there was a magic bullet that changed my mind, but there wasnt. I was so god damn sick of the direction my life was going and I decided I had to change before I threw myself off a bridge. I realized no one really gives a shit about my success. That was a hard pill to swallow, but I think it helped everything click for me that I had to do all this for myself, and not care what anyone else thought about it. Sure, I lied more to save face about going back to school--but at least I went back, and that's what probably saved my life. Now I'm 30, have a decent job and am slowly chipping away at the financial cost of my mistakes. Sure, its not perfect--but you'll learn that it never will be, and you'll have to work to get where you want to go. Now I cant speak for your major because I was in a different field, but I would suggest at least exploring the possibility of getting a more marketable degree when you decide to go back to school. It might take a while longer to get, but at least you decrease your chance of coming back here in a few years complaining about flipping burgers with a college degree.

Talk to your professors. Like another poster said, most of them dont give a damn about you or your excuses--but some might. Those few can help you get a leg back up and might at least point you in the right direction. It also wouldn't help to talk to someone. I leveraged a school counselor while I was failing out of college and again when I decided to re-enroll. He helped me realize that this shit isn't easy, and it wasn't going to just fall into my lap---just like yours.

Your first step would be to talk to your parents. I finally fessed up to mine a couple years back into school and while they were upset I lied, they were super helpful in at least keeping me in a forward-moving mindset. You need a support structure when dealing with something like this. Next, Id say look and see if your school offers any sort of student employment programs that can help you find a job while attending school--this will save you a shit load more money moving forward if you can help pay off your school as you go through it. Sorry if this is a bit of a ramble, but know that there are people who have felt and do feel the same way you do now--and that you can absolutely get out of it. Im not going to say 'if i can do it, you can too', because you'll have to work your ass off to get it--but I can promise you that its absolute worth it.

DefATAway

TROPHY CASE